Rushmore Loan Management Services understands that you may be experiencing a temporary or long-term hardship and need help. Your loan may be past due or you may be facing foreclosure. We want to assist you with possible loss mitigation options which may be available to you.
If your loan is owned by Fannie Mae or Freddie Mac, your application for loss mitigation will be considered under Fannie Mae or Freddie Mac program guidelines. Similarly, if your loan is government insured, such as a FHA loan, your application will be considered under the guidelines of that program. For more information, please go to the Contact Us page of this website to find the number for Rushmore Customer Care.
Depending on your specific loan and circumstances, these options may include the following:
Allows you to pay past due amounts on your loan over a specified time period to bring your loan current. Each plan payment includes your regular monthly payment plus a portion of the past due amount. The term of the loan will vary based on your ability to repay.
Is a repayment plan right for you?
Forbearance allows you to temporarily suspend or reduce your payments for a specified time period.
Under a trial period payment plan, you make specified payments over a short period of time to demonstrate your ability and willingness to pay a specified amount.
The payment under a trial period plan may be higher than the original payment amount when your loan was originated.
Permanently modifies the terms of your loan, may change one or more terms of your loan in order to help you bring a defaulted loan current and prevent foreclosure. A loan modification permanently modifies the terms of your loan. It may change one or more terms of your loan in order to help you bring a defaulted loan current and prevent foreclosure. Based on the circumstances of your particular loan, a loan modification may include one or more of the following:
- an interest rate reduction
- in certain cases, forgiveness of a portion of principal
- an extension of the maturity of the debt
- spreading the past due amount over the remaining term
- a deferment of a portion of the outstanding debt.
- Is a loan modification right for you?
Is a loan modification right for you?
In order to apply for a Short Refinance, please submit the following documents:
- HUD1 Settlement Statement or Closing Disclosure.
- Approval letter from your new lender.
Is a short sale right for you?
Is a deed-in-lieu right for you?
Is a Consent to Judgment right for you?
In order to apply for a Settlement, please submit the following documents:
- Written offer which includes the Settlement amount requested.
- If submitting a cash offer, proof of funds used to settle the account.
- If receiving financing, pre-approval from the bank or loan officer completing the transaction.
If you need foreclosure prevention guidance, please call us right away to discuss your loan, your current financial situation and the workout options that may be available to you. If you are more comfortable, you can contact a non-profit housing counselor. See Housing Counseling Resources above.